Commercial programs a heavily dependent on location and NOI (less one size fits all compared to residential). 

I'm curious about the size and quality of a house you could build for $375k. 

.: Quote from @Alan Asriants: Hey Carlos, all depends on your lot size, what kind of unit you can build there and the rental return you can get. 

If it is indeed I/O, I would just make sure you have enough NOI to cover the refi with some conservative debt sizing assumptions.

Get an estimate from a GC to get a good idea of what is required.Market Comparables: Check what similar-sized homes with finished basements or additional bedrooms are appraising for in your area.

Under $100k does limit how many lenders we can shop greatly as most lenders do have a $100k minimum loan size for DSCR loans. 

(ie, lot size, variances, easements etc)They've been very helpful to me over the years. 

Most lenders may limit your max loan size if you do not hit a certain cash flow thresh hold.

Unit size is 1000 SF with an assumed $105 SF cost to build, (Cheap considering there will be no GC costs). 

This could cost around $500 to $1,500 per unit, depending on the size and complexity of the project.Certifications: There may be additional costs for certifications (such as HERS ratings) or third-party testing to verify the energy efficiency of each unit.For a 90-unit project, you could be looking at costs in the range of:$45,000 to $135,000 for energy modeling and certification (depending on the cost per unit).For a 112-unit project, the costs would likely be:$56,000 to $168,000 for similar services.Tax Credit Calculation:If you meet the energy standards, you can claim up to $2,000 per unit.